Chinese Currency Accountability Act of 2025
- house
- senate
- president
Last progress February 11, 2025 (9 months ago)
Introduced on January 14, 2025 by Warren Davidson
Sponsors (2)
House Votes
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Senate Votes
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Presidential Signature
AI Summary
This bill tells U.S. officials at the International Monetary Fund (IMF) to vote against giving China’s currency (the renminbi) a higher share in the IMF’s Special Drawing Rights (SDR) basket, unless certain conditions are met. SDRs are international reserve assets the IMF uses to help countries back up their foreign exchange reserves. The rule would last for 10 years after the bill becomes law.
Treasury must certify three things before the U.S. can support a higher weight for the renminbi: China is following all IMF rules, China has not been found to manipulate its currency in the past 12 months, and China follows the rules of the Paris Club and the OECD’s export credit arrangement.
Key points:
- Who is affected: U.S. policy at the IMF and, indirectly, how global reserve values are set through the SDR basket.
- What changes: The U.S. must oppose raising the renminbi’s share in SDRs unless those compliance and non-manipulation conditions are certified by Treasury.
- When: These instructions apply for 10 years after enactment.